the property
12635 Tidwell Rd, Houston, TX 77044
1967
YEAR BUILT
The Opportunity
The Location
The Property
Contact
Doc Center
Privacy
Terms of Use
The Location
210
total units
93%
occupied
Community
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Key Demand Drivers
for Value Appreciation
15 minutes from Downtown Houston (169K jobs) and Port of Houston
(78K jobs)
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Market Support
for Higher Rents
27 fully upgraded units (10% of unit mix) average $381 premiums
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Revenue Growth Potential
for New Ownership
241 units (90% of unit mix)
available for upgrade
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241 units (90% of unit mix) available for upgrade
Can add washer/dryer connections to 72% of units
and washer/dryers to 100% of units
Can implement valet trash (13 properties in three-mile radius have implemented it)
Can add private yards, more reserved parking, and negotiate a bulk cable/internet contract
Close
27 fully upgraded units (10% of unit mix) average
$381 premiums
18% effective rent growth at property since purchase by current ownership in 2021
8.6% higher rents on last ten leases
4.4% rent growth projected for submarket in 2023
and 4%-5% for 2024 and 2025 (Axiometrics)
No new units under construction within seven miles
Close
Close
15 minutes from Downtown Houston (169K jobs)
and Port of Houston (78K jobs)
5 minutes from Interstate 10 with quick access to 610 Loop and Beltway 8/Sam Houston Tollway
Impressive 70 Walk Score and walking distance of both Kroger-anchored shopping center and METRO bus stop
Zoned to North Shore High School, #3 in Houston metro
for athletics and #15 in Texas
investment highlights
Price
Terms
Built/renovated
Total Acreage
Total Units
Total SF
Avg Unit SF
Avg Rent/Unit
Avg Rent/SF
leased | Occupied
Market
All Cash
1977/2020
5.16
120
113,056
942
$1,138
$1.20
89% | 85%
Forest Park is a renovated workforce community with in-place cash flow and key competitive advantages in an expanding job growth corridor north of the Port of Houston. There is no additional CapEx needed for non-revenue generating items at the community, allowing new ownership to focus on the remaining interior value-add, pushing rents on turns, and implementing other income items to increase revenue.
investment summary
Visit Doc Center
*There was a fire in Building 2. Affected units have been repaired, upgraded, and are leasing back up at higher rates.
The Opportunity
Leasing office/clubhouse
Resident coffee and tea bar
Swimming pool with sun deck
Poolside lounge chairs
Picnic areas with BBQ grills
Children’s play area
Open greenspaces
Abundant open parking
Reserved parking available
Perimeter fencing and controlled access
Community Amenities
3 of 3
2 of 3
1 of 3
Revenue Growth Potential for New Ownership
Can add black appliances to units without them and/or stainless steel appliances to all units
Can add microwaves to units without them
Can add private yards, more reserved parking, and bulk cable/internet contract
Can add more amenities to
improve competitiveness
$200 rent gap with Class A communities in submarket
14 properties within five miles with $100+ higher rents, demonstrating market receptiveness to higher rents
3% to 4% annual rent growth projected for 2025 and 2026 (Axiometrics and CoStar)
Zero new conventional construction within three miles
Market Support for Higher Rents
163K jobs within 10 miles, including the Port of Houston/Houston Ship Channel
5 minutes from Beltway 8 with convenient commutes to I69,
Hwy 90, and I10
Across Tidwell Rd from
C.E. King Middle School
and 9th Grade Campus
Within 15 minutes of Generation Park (7M SF, 8 HQ) and Port of Houston (147K jobs)
Key Demand Drivers for Value Appreciation
Updated unit interiors in select units
8-foot ceilings
Custom window coverings
Faux wood flooring throughout in select units
White or black appliances
Faux granite countertops in select units
Microwaves in select units
Ceiling fans in select units
Washer/dryers included
Private patios in select units
Unit Amenities
apartment home
gallery
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
© 2024 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.
Investment Sales and Mortgage Banking
jed dalton
Senior Financial Analyst (832) 314-5078 jed.dalton@berkadia.com
TX CRE #787068
ESTEE IBÁÑEZ
Senior Financial Analyst (713) 469-4512 estee.ibanez@berkadia.com
TX CRE #687201
tucker fama
Financial Analyst (281) 923-3856 tucker.fama@berkadia.com
TX CRE #9002106
kyle whitney
Director (713) 724-1456 kyle.whitney@berkadia.com
TX CRE #658451
joey rippel
Managing Director (601) 919-5155 joey.rippel@berkadia.com
TX CRE #654288
JOHNNY KING
Director
Mortgage Banking (713) 469-4502 johnny.king@berkadia.com
CUTT ABLESON
Senior Managing Director
Mortgage Banking (713) 469-4503 cutt.ableson@berkadia.com
CARL RASMUSSEN
Associate Director
Mortgage Banking (713) 469-4514 carl.rasmussen@berkadia.com
Corby chaffin
Managing Director
Mortgage Banking (713) 469-4516 corby.chaffin@berkadia.com
chris young
Managing Director (972) 743-5742 chris.young@berkadia.com
TX CRE #630674
jeffrey skipworth
Managing Director (214) 533-3322 jeffrey.skipworth@berkadia.com
TX CRE #560404
chris curry
Senior Managing Director (713) 553-0151 chris.curry@berkadia.com
TX CRE #566750
investment sales
houston, tx office
2229 San Felipe, Ste 1600
Houston, TX 77019 (713) 974-1300 | Berkadia.com
investment sales and mortgage banking
The Opportunity
The Location
The Property
Contact
Doc Center
Privacy
Terms of Use
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
© 2024 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.
houston, tx office
2229 San Felipe, Ste 1600
Houston, TX 77019 (713) 974-1300 | Berkadia.com